U.S. hedge fund manager Elliott Investment Management has offered support to troubled Canadian miner Nevada Copper Corp. after the company filed for chapter 11 protection, Bloomberg News reported. Before Monday’s bankruptcy filing, Nevada Copper had attracted two bidders though it failed to close a deal with either one, Chief Financial Officer Gregory J. Martin said in a court filing. To help pay for the chapter 11 restructuring case, the company agreed to borrow as much as $60 million from Elliott affiliates.

Moody’s Ratings downgraded Allied Properties Real Estate to junk status on Tuesday, citing the Canadian office landlord’s high debt levels, as well as weakening occupancy rates that will weigh on its ability to meet its obligations, Bloomberg News reported. The bond grader cut the company’s senior unsecured rating to Ba1, the highest junk rating, from Baa3, the lowest investment-grade level. The outlook remains negative. Allied Properties is a real estate investment trust that specializes in turning old downtown industrial and warehouse space into offices for industries including technology.

U.S. cities aiming to convert half-filled office towers into residential buildings are looking north of the border to Calgary, Alberta, which has one of the most aggressive programs in North America to promote these conversions, the Wall Street Journal reported. American officials have been studying the Calgary program, and some cities have even sent delegations to visit the western Canadian city. Early returns show the promise—and limitations—of conversion plans.

Canada’s unemployment rate rose for the third time in four months, but rising wages and a strong US labor report prompted some economists to express caution on the pace of Bank of Canada rate cuts, Bloomberg News reported. The country added 26,700 positions in May and the jobless rate rose 0.1 percentage points to 6.2%, Statistics Canada reported, roughly in line with expectations in a Bloomberg survey of economists. The unemployment rate has risen 1.1 percentage points since April last year.

Canadian cannabis retail chain Four20 Premium Markets, one of the largest dispensaries in Alberta, has announced plans to file for bankruptcy, BusinessofCannabis.com reported. The parent companies of the 35-store retail chain, 420 Premium Markets Ltd., 420 Investments Ltd. and Green Rock Cannabis, filed a ‘notice of intent’ to file for bankruptcy under. According to Stratcann, the notice was filed on May 29, 2024, following an extended and costly legal battle with Tilray.

The Bank of Canada cut interest rates by a quarter of a percentage point, making it the first Group of Seven central bank to kick off an easing cycle, Bloomberg News reported. Policymakers led by Governor Tiff Macklem lowered the benchmark overnight rate to 4.75% on Wednesday, as widely expected by markets and economists in a Bloomberg survey. Officials say they’re more confident that inflation is headed to the 2% target, and said it’s “reasonable to expect further cuts,” if progress continues.

The parent company of Montreal’s Just For Laughs comedy festival, Groupe Juste Pour Rire Inc., has agreed to sell select assets as part of a court-directed bankruptcy protection, the Hollywood Reporter reported. Quebec City-based ComediHa! announced it picked up unspecified assets as part of a sale and solicitation process initiated Just for Laughs as it looks to restructure. The sales agreement awaits the approval of the Québec Superior Court, with a hearing set for June 3. Until that court date, both parties said they will not comment publicly on the proposed asset sale.

An Ontario judge issued an order on Tuesday that recognizes and enforces Red Lobster’s U.S. bankruptcy protection proceedings in Canada, the Canadian Press reported. The order from Judge Michael Penny was requested by lawyers for the beleaguered seafood restaurant chain's Canadian business, who told a virtual court their client is working to steady its operations. "Everything we are trying to do today is to stabilize the business," said Linc Rogers, a lawyer representing Red Lobster Canada, Inc.

While expectations for lower borrowing costs are building, it will take as long as three quarters for interest-rate cuts “to really bear fruit” for bank customers, according to a Bank of Nova Scotia executive, Bloomberg News reported. “There’s some talk about rate decreases in June and July,” Scotiabank Chief Risk Officer Phil Thomas said Tuesday on the lender’s fiscal second-quarter earnings call, referring to moves by the Bank of Canada.

Canadian consumer spending sharply rebounded last month, according to preliminary data, after weaker-than-expected retail sales in the first quarter, Bloomberg News reported. Receipts for retailers jumped 0.7% in April, the fastest pace since September, according to the advance estimate from Statistics Canada released Friday. That followed a 0.2% drop in March. With a larger-than-forecast decline in March, retail sales were down 0.2% overall in the first quarter. Despite the April bounce, retail sales are still below levels seen in December.